Hong Kong news media’s fight for survival needs the support of society
- To stanch declining revenues in the industry, Hong Kong should study Australia’s legislative precedent of requiring social media platforms to pay for content
- Local media companies have launched self-help initiatives, but they can’t succeed without the support of the government and society’s other sectors
Hong Kong is an international business centre and a vibrant flow of information underpins its core competitiveness. Ensuring the city remains a news centre for information exchange between the East and the West is critical to not just the viability of the media industry but also the international status of Hong Kong.
As an industry organisation, The Newspaper Society of Hong Kong regards a healthy business environment as vital to maintaining journalistic standards. Achieving this objective hinges on the industry adopting a two-pronged strategy of self-help and external support.
The legislative precedent set by the Australian government is being closely watched by France and other countries. Social media’s citizen journalism is no substitute for professional journalism.
Without a viable news industry that abides by high standards of verification and objective reporting, a society may have to pay a heavy opportunity cost and the associated long-term damage can be irreparable.
Whether requiring internet platforms to pay for news content could really help the news industry remains to be seen. However, this measure is a significant milestone.